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Hindustan Media Ventures Ltd (HMVL), a subsidiary of HT Media Ltd, got its equity shares listed at the stock exchange, BSE and NSE, this morning. A share of HMVL opened at Rs 177.95 at NSE and at Rs 170 at BSE.

The Company floated its initial public offer during July 7- July 9 and was subscribed for 5.43 times. The shares were placed for offer at a price band of Rs 162-175.

Following this HMVL had fixed the issue price at Rs 166 per share having a face value of Rs 10 each.

At the time of filing of the report the shares of HMVL were being traded at BSE at Rs 184.45. The shares reached a high of Rs 188.65.

HMVL raked in around Rs 270 crore of funds against an offer of 1.62 crore equity shares of Rs 10 each. Edelweiss Capital and Kotak Mahindra Capital Company were the book running lead managers to the issue.

HT Media holds 98.85% stake in HMVL. HMVL publishes one of the most read Hindi Newspapers in the country – Hindustan. It is presently printed at 16 locations in the states/regions of Uttar Pradesh, Bihar, Jharkhand, Uttarakhand, Punjab and Delhi NCR.

The issue was floated to raise funds by the Company for expansion, upgradation and prepayment of loans, besides the general corporate purposes. According to the Company Management HMVL would focus on the existing operations prior to expansion in new geographies.

ALSO READ: Hindustan Media fix IPO issue price at Rs 166 per share